Step by Step Using a Peer-to-Peer Lending Network
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Who's Blogging  |
• Wants to remodel kitchen, needs $10,000
• Goes online to a peer-to-peer lending network
• Sets up account, provides details on the amount needed, the reason, personal credit rating
• Provides personal identification: driver's license, bank account number
• Lending network vets the borrower, checks credit history
• Borrower submits request, setting a maximum acceptable interest rate
Lender
• Has cash to offer
• Sets up account at lending network, providing personal information
• Determines how much he or she is able to lend, can be as little as $50
• Chooses an acceptable risk profile for a borrower
• Surveys borrowers' requests
• Studies borrowers' details and credit histories
• Makes offer, with terms and interest rate
